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How do you go about auctioning a house?

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  • 16-04-2012 4:42pm
    #1
    marrus
    Registered Users Posts: 16 ✭


    We have a house we currently want to sell and was wondering how do you go about putting it up for auction

    thank you


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    #2
    quietsailor
    Registered Users Posts: 1,428 ✭✭✭quietsailor


    Not to be negative but your post is very light on information.

    Your post suggests you want to auction a house yourself - a few questions that might be asked are;
    1. What condition is the house in
    2. Are you the owner/family member/friend
    3. Is there loans (mortgage) outstanding on the property
    4. Is it an executor sale
    5. Why won't you use an existing auctioneer
    6. Is there any legal issues with the property - household charge owing, right of way arguement.
    I'm sure other posters will have different questions, it's very hard to answer your original post with only a one line post.

    Hope it all works out well for you, it would be nice to see a house auctioned without using an estate agent (EA).


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    #3
    marrus
    Registered Users Posts: 16 ✭marrus


    Answering te above questions:
    1. Good livaeable condition
    2.It is a family home left to a few of us to be sold.
    3. No Mortgage
    4.5.6. No problems just wondering cost we would need to pay, new to all this.


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    #4
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    Allsops are now accepting private houses for their Auctions, you could contact them to find out their fees etc.


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    #5
    zac8
    Registered Users Posts: 530 ✭✭✭zac8


    StillWaters wrote: »
    Allsops are now accepting private houses for their Auctions, you could contact them to find out their fees etc.

    It's too late to get into their next auction.

    Merlin Property are having their second auction on the 22nd of May. Their first was a bit of a misfire but they might have learnt from the experience - www.merlinproperty.ie.


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    #6
    robd
    Registered Users Posts: 951 ✭✭✭robd


    marrus wrote: »
    We have a house we currently want to sell and was wondering how do you go about putting it up for auction

    thank you

    Basically the same as selling thorough private treaty except that you can't pull out once reserve price has been met and hammer falls at auction. Binding contract exists at this stage. Equally seller can't pull out at this stage either.

    All the main auctioneers use to sell at auction but they've tended to not hold auctions for private residential property over the last few years due to illiquid nature of market at the moment.

    Fees should be comparable to sale by private treaty (i.e. 1%+ of sale price).

    As others above said both Allsops and Merlin are doing auctions at the moment. You can always ask any local Estate Agent what the story is also. They would be best placed to give advice and probably the place to start.


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    #7
    smirker
    Banned (with Prison Access) Posts: 37 ✭smirker


    I used to work as a secretary in an Estate Agents. It costs a lot to auction because there must be an extensive advertising campaign as well as preparing numerous copies of the legal documentation. There is no need to disclose a reserve. In some cases rooms for the auction must be hired.
    If there is no bid or only bids that are too low, it is difficult to interest a potential purchaser. everyone knows the auction failed. It is risky unless the house is of a type which will ensure that there are at least some realistic bids. It is expensive for purchasers because they must ensure they have finance and check the legal title out and carry out a survey before they bid .
    The big advantage of an auction is that if it works you can walk away with a good price in a short time.


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    #8
    ifeelstupid
    Registered Users Posts: 443 ✭✭ifeelstupid


    As the previous poster said, auctioning a house can be an expensive process. It is a method of sale used more often where a genuine competitive market exists for a property. You may notice that properties in Allsop auctions appear to be heavily discounted - although this is not always the case, I believe the fees for auction are higher too.
    If it is a case that the property is left to a number of people and all cannot agree on a price/agent etc. it might be a good idea to have a couple of agents local to the area and familiar with the current market trends look at the property and get their opinion on whethere it is suitable for auction or not. As far as I know Allsop do not inspect most of the properties they auction - not an ideal situation if you are looking to maximise value!!
    If necessary joint agents could be appointed n the interests of transparency!


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